Art Cashin forwarded this to me, and I found it both interesting and disturbing. Russia is facing a crunch – and they don’t behave normally in such times. On another note, Belgium is now the third-largest holder of US treasuries. Say what? After a half-dozen inquiries to People Who Should Know, I find, strangely, that they all see the data but are not sure what it means. Probably some serious combination of Russian oligarchs, China trying to hide currency manipulation, and the same motive for the ECB. All in the last year. Exchanges and such make it easy to hide sources.